The battle among cybersecurity giants for dominance in Ghana's growing market has escalated, with new developments raising serious concerns regarding the conduct of Radware (NASDAQ: RDWR). As previously reported, Radware's performances in Africa vis-à-vis its main competitors NETSCOUT (NASDAQ: NTCT) and A10 (NASDAQ: ATEN) have been poor, mainly due to lack of innovations, while its limited success has raised suspicions of potential corporate espionage.

In a recent revelation, it has come to light that one of Ghana’s major banks has signed a renewable three-year contract directly with Radware’s main distributor, while the distributor itself has entered into a separate five-year agreement with Radware. This raises a crucial question: Is the discrepancy in contract lengths between the bank and the distributor point to a potential financial manipulation, aimed at inflating Radware’s results to cover up its declining performance in the market? Some industry experts even go so far as to claim that this kind of manipulation has become a recurring motif of Radware in Africa, which may be an attempt by Radware to create an illusion to its investors that it is closing the gap with its competitors.

In addition, the bank is under significant marketing pressure from Radware which has directly approached the bank with an even cheaper offer and suggested promotion by free boxes and steep discounts, despite the bank already being contracted with the distributor. This raises concerns about whether Radware is attempting to bypass the distributor to secure a more favourable deal with the bank, further complicating the situation and creating tension between the parties involved.

Furthermore, it has been already revealed that Radware’s main distributor recently severed ties with the company after expressing dissatisfaction with Radware’s underwhelming performance compared to its competitors. In the wake of this, a questionable figure has entered the scene, establishing direct contact with the bank and meeting with bank representatives alongside official Radware representatives in mid-February. This development raises serious concerns about the bank’s compliance protocols.

It is unclear whether the bank was fully aware of and approved the involvement of this questionable figure, and whether these actions align with the bank’s stringent compliance requirements. If the bank did not authorize this involvement, it could potentially compromise the integrity of the bank’s operations and jeopardize its commitment to maintaining proper corporate governance. Sources close to the bank have revealed that the bank does not view the company’s problematic conduct in a favorable light.

Additionally, sources close to the company have indicated that the company’s struggles in Africa may be linked to two senior managers in charge of the Africa division at Radware. These sources report that on 16.11.2021, said managers arrived in Ghana, manipulated invoices, and declared larger expenses than incurred so that the difference could be used by them for "fun" (as stated in their own words).

The details of the people taking part in such "fun" activities are confidential and are purposefully being withheld. These sources further claim that this episode and possible undisclosed funds received by such managers may have been the trigger for the difficult divorce one of them went through.